GBP/USD Price Analysis: Sits near multi-week tops, just above 1.2700 mark

• GBP/USD built on the previous day’s bullish breakthrough asymmetrical triangular formation.
• The set-up supports prospects for a move towards June daily closing highs, around mid-1.2700s.

The GBP/USD pair was seen hovering near six-week tops during the early North American session, with bulls making a fresh attempt to build on the momentum beyond the 1.2700 mark.

The pair has now found acceptance above the 23.6% Fibonacci level of the 1.2076-1.2813 positive move. This comes on the back of the overnight sustained breakthrough a symmetrical triangle and supports prospects for additional gains.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and are still far from being in the overbought territory. This, in turn, adds credence to the positive outlook amid sustained selling around the USD.

Hence, a subsequent move towards testing June daily closing highs resistance, around the 1.2745 region, now looks a distinct possibility. Some follow-through buying should assist the pair to aim back to reclaim the 1.2800 mark.

On the flip side, the 1.2670-65 resistance breakpoint now seems to act as immediate support and is closely followed by the 1.2640 region (23.6% Fibo. level). Failure to defend the mentioned support levels might prompt some technical selling.

The pair might then slide back towards the very important 200-day SMA, around the 1.2590 region, before eventually dropping to test over three-week-old ascending trend-line support, around the 1.2540-35 region.

GBP/USD 4-hourly chart

Technical levels to watch